AHIC's best practices for underwriting cover four key topic areas underwriting: deals, general partners and guarantors, syndicators and acquisitions.  

Underwriting Deals

• Updated and Expanded Underwriting Guidelines (2018)
  Outline for an underwriting process and for investment documents for proprietary, multi-investor, and direct investments in low-income housing tax credits (LIHTC). Examines how to analyze the financial strength and expertise of the development team; the key points to understand the sources and uses in the development budget; critical facets of underwriting the deal; best practices in due diligence; and tools for reviewing the capacity of syndicators.
  
  
• DEI Analysis of AHIC’s Underwriting Guidelines: Reviews AHIC’s Underwriting Guidelines with a lens of fairness and justice to identify ways that the Guidelines could create barriers and recommend changes or additions to open pathways to under-represented developers. 
  
  
• AHIC Guarantor Analysis: Outlines materials to review and areas of analysis to consider when evaluating the adequacy of a guarantor—an individual, a corporate entity (for-profit or non-profit) or a special purpose entity.
  
  
• Upper Tier Reserve Guidelines: Provides recommendations for reserves for project needs, asset management fees and fund-level expenses.

Rental Assistance

• AHIC Operating Subsidy Review Guidelines: Used with the Guarantor Analysis Grid to provide a framework for AHIC investors to consider the positive and negative impacts of federal, state and local subsidies on a transaction. 
  
  
• AHIC Operating Subsidy Underwriting Analysis Grid (Fillable template for syndicator partners)
  
  
• Sample Public Operating Subsidy Loss Regulatory Relief Language: Sample language to discuss preserving the financial feasibility of a housing credit development in the event of an unexpected loss of public operating subsidies. Covers QAPs and LURAs. 

Underwriting General Partners/Developers/Guarantors

• AHIC Real Estate Owned (REO) Schedule: Fillable template to show a summary of all real estate (not just LIHTC real estate) for which a General Partner/Developer/Guarantor’s has a controlling interest, contingent liabilities or other risk of significant economic loss through loss of investment assets currently carried on its balance sheet, tax liability, etc.
  
  
• AHIC Disclosure Form: Fillable template to collect details on ownership, experience and financials of the project team (GP-Managing Member/Guarantor/Developer) to assess risk and promote informed investment decisions.

Syndicator Review

• AHIC Syndicator Review Guidelines: Resource to assess a business relationship with a new or ongoing syndicator and its ability to provide: (1) an adequate/consistent supply of LIHTC investments; (2) a diverse selection of investor opportunities; (3) sound underwriting of investments; and (4) solid asset management for those investments over the 15-year compliance period.
  
  
  • AHIC Syndicator Review - Attachment A (Staffing Template)
  • AHIC Syndicator Review - Attachment B (Business Concentration Template)
  • AHIC Syndicator Review - Attachment C (Sustainability Template)
  • AHIC Syndicator Review - Attachment D (Fund Performance Template)

Acquisitions

• Acquisitions Standards (Executive Summary and Data Input Sheet to review acquisitions)